Favorable conditions for lending to SMEs created in Kazakhstan

Favorable conditions have been created for lending to small and medium-sized businesses in Kazakhstan.

Kazakh President Nursultan Nazarbayev made the remarks at the government meeting held in Astana.

"We want to widely develop small and medium businesses. Today, the loans in our banks are below the level of inflation," he said.

Board chairman of the Baiterek National Managing Holding Kuandik Bishimbayev speaking at the governmental meeting said that unprecedented conditions have been created in the country for lending to small and medium-sized businesses.

"Today, unprecedented conditions have been created, namely: lending for 10 years at the rate of 6 percent of funding. Now our task is to bring effectively these funds to small and medium-sized businesses together with the second-tier banks. And we're working on it," he said.

The board chairman noted that 100 billion tenge ($ 1 = 182.3 m) have been allocated from the the National Fund of Kazakhstan to support small and medium-sized businesses.

It was decided to fund 248 projects worth 62.4 billion tenge for three months of the program`s implementation, according to Bishimbayev.

"Out experts estimates that some 2,700 small and medium-sized businesses will be supported due to the implementation of this program, the amount of tax revenue will additionally amount to about $1.5 trillion tenge. Some 5,500 permanent jobs will be created in the manufacturing industry," he said.